Morning Roundup (5/2/2023) —Marijuana’s Impact, Price Gains

Good Morning! Today is Tuesday, May 2. The FOMC begins its two-day meeting today. To prevent future bank runs, the F.D.I.C. proposed protecting larger deposits than it now does. Thousands of movie and TV writers went on strike, halting many productions.

The Mortgage Note Reports

The Marijuana Question: Marijuana legalization is a hot topic affecting many areas of society, including housing. Bertha Garrett explains how it’s shaping the rental market.

Spring Update Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers. Check out our spring podcast for the latest.

New Motto Debut: Motto Mortgage Luxe Group opened in Houston, TX, headed by industry pros Angela Martin and Toi Parnell.

Price Gains Shrink: Low inventory continues to push home prices up both annually and monthly, but the market downturn is taking its toll on that growth.

TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.

What are you seeing this spring homebuying season? We want to know. Email us at [email protected].

In other mortgage and housing news…

Boomtowns Lead Price Drops: A quarter of homes in Austin and Seattle, two pandemic boomtowns, now cost less than they would have a year ago.

“Get The Hammers Swinging”: With the summer months approaching in a low-inventory market, a construction loan may become a popular option for borrowers.

Follow The Money: Foreclosures are up, but is the market headed for a crash?

IMBs Swing And Miss: IMBs fail to include race data in HMDA reporting more often than banks and credit unions, an analysis found.

Double-Digit Dips: Yet another economist is predicting double-digit home price declines in 2023 due to tighter lending requirements and greater supply.

Company News: PRMG hired Ellen Skaggs as its new HECM Divisional Manager;